TORONTO, Oct. 3, 2022
/CNW/ - The Toronto-Dominion Bank ("TD Bank Group" or "TD")
announced today that it does not intend to exercise its right to
redeem all or any part of the currently outstanding 14 million
Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 16
(Non-Viability Contingent Capital (NVCC)) (the "Series 16 Shares")
of TD on October 31, 2022. As a
result, and subject to certain conditions set out in the prospectus
supplement dated July 7, 2017
relating to the issuance of the Series 16 Shares, the holders of
the Series 16 Shares have the right to convert all or part of their
Series 16 Shares, on a one-for-one basis, into Non-Cumulative
Floating Rate Preferred Shares, Series 17 (NVCC) (the "Series 17
Shares") of TD on October 31,
2022. Holders who do not exercise their right to convert
their Series 16 Shares into Series 17 Shares on such date will
continue to hold their Series 16 Shares.
The foregoing conversion right is subject to the conditions
that: (i) if TD determines that there would be less than 1,000,000
Series 17 Shares outstanding after taking into account all shares
tendered for conversion on October 31,
2022, then holders of Series 16 Shares will not be entitled
to convert their shares into Series 17 Shares, and (ii)
alternatively, if TD determines that there would remain outstanding
less than 1,000,000 Series 16 Shares after taking into account all
shares tendered for conversion on October
31, 2022, then all remaining Series 16 Shares will
automatically be converted into Series 17 Shares on a one-for-one
basis on October 31, 2022. In either
case, TD will give written notice to that effect to holders of
Series 16 Shares no later than October 24,
2022.
The dividend rate applicable to the Series 16 Shares for the
5-year period from and including October 31,
2022 to but excluding October 31,
2027 is 6.301%. The dividend rate applicable to the
Series 17 Shares for the 3-month period from and including
October 31, 2022 to but excluding
January 31, 2023, is 6.662%.
Beneficial owners of Series 16 Shares who wish to exercise their
conversion right should communicate as soon as possible with their
broker or other nominee to obtain instructions for exercising such
right during the conversion period, which runs from the date hereof
until 5:00 p.m. (Toronto time) on October 17, 2022.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by assets and serves more
than 27 million customers in three key businesses operating in a
number of locations in financial centres around the globe: Canadian
Retail, including TD Canada Trust, TD Auto Finance Canada, TD
Wealth (Canada), TD Direct
Investing, and TD Insurance; U.S. Retail, including TD Bank,
America's Most Convenient Bank®, TD Auto Finance U.S.,
TD Wealth (U.S.), and an investment in The Charles Schwab
Corporation; and Wholesale Banking, including TD Securities. TD
also ranks among the world's leading online financial services
firms, with more than 15 million active online and mobile
customers. TD had CDN$1.8 trillion in assets on July
31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on
the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group